US dollar slides as sentiment soured by steel tariffs, China tensions
Ammon News - The U.S. dollar edged lower on Monday, giving back some of its gains from last week, as markets weighed the outlook for President Donald Trump's tariff policy and its potential to constrict growth and unleash inflation.
The greenback starts the week on the back foot after Trump said late on Friday that he plans to double duties on imported steel and aluminum to 50% from Wednesday, and as Beijing hit back against accusations it violated an agreement on critical minerals shipments.
China's Commerce Ministry said on Monday the charges were "groundless," and promised to take forceful measures to safeguard its interests, without elaborating on potential steps it could take. Treasury Secretary Scott Bessent said on Sunday that Trump and Chinese President Xi Jinping will likely have a call soon, and "this will be ironed out."
The dollar dropped 0.3% to 143.57 yen as of 0439 GMT, giving back some of its more than 1% rally from last week.
The euro gained 0.1% to $1.1362, and sterling advanced 0.2% to $1.3485.
The Australian dollar added 0.3% to $0.6453 and the New Zealand dollar rose 0.4% to $0.5994.
The U.S. dollar index , which measures the currency against six major peers, eased 0.1% to 99.283.
The dollar witnessed weekly tumbles of 3% against major peers in the days after the April 2 "Liberation Day" tariffs and 1.9% two weeks ago, when Trump threatened 50% levies on Europe.
Last week, the greenback got a bit of respite, rising 0.3% after talks with the European Union got back on track and a U.S. trade court blocked the bulk of Trump's tariffs on the grounds that he overstepped his authority. Reuters
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